DFX Intelligence
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Borrower
M••• I••••• C• P•• L••
Software & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: M••• US Borrower LLC
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 103¢ · 103¢ · 103¢ · 104¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
104¢105¢
Principal held
at least $328M
sum of BDC pieces, a lower bound
Fair value
$296M
104c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jun 1, 2030
no dated debt inside 24 months
On the tape since
Jun 30, 2025
latest Jun 30, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | $178M | 105¢ | +1 pts |
| M•• I••••••••• C•••• | $77.2M | 104¢ | +2 pts |
| G•••• C•••••• B••• I••• | $38.9M | 105¢ | +1 pts |
| G•••• C•••••• B•• 4• I••• | $27.6M | 105¢ | +1 pts |
| G•••• C•••••• D••••• L•••••• C••• | $5.56M | 105¢ | +1 pts |
Every BDC piece · 5 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop | $178M | $174M 105c | S+525 bp PIK 2.75% |
| M•• I••••••••• C•••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• B + 5.00% I••••••• R••• F•••• 0.75% I••••••• R•• | $77.2M | $51.4M 104c | //msdinvestmentcorp.com/20260630#Bank Bill Swap Rate+550 bp PIK 3.00% |
| G•••• C•••••• B••• I••• | term loan first lien One stop | N••••••••• I••••• | $38.9M | $37.9M 105c | S+525 bp PIK 2.75% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop | $27.6M | $26.9M 105c | S+525 bp PIK 2.75% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop | $5.6M | $5.4M 105c | S+525 bp PIK 2.75% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $328M | 104c | //msdinvestmentcorp.com/20260630#Bank Bill Swap Rate+525 bp PIK 3.00% | Jun 6, 2030 | 5 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 5 | $328M | $296M | 104c | 5 |
| Mar 31, 2026 | 5 | $325M | $291M | 104c | 5 |
| Dec 31, 2025 | 5 | $314M | $288M | 104c | 5 |
| Sep 30, 2025 | 5 | $544M | $518M | 103c | 9 |
All 5 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $306M | $278M | 101c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
Full timeline · 8 eventsShow fewer
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- New borrower on a BDC scheduleJun 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- M••• I•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it